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SEOUL, May 25 (Xinhua) -- South Korea's central bank on Thursday froze its benchmark interest rate at the record-low level in its first rate-setting meeting under the new government.
Bank of Korea (BOK) Governor Lee Ju-yeol and six other policy board members decided to keep the seven-day repurchase rate on hold at an all-time low of 1.25 percent.
It was in line with market expectations. According to a Korea Financial Investment Association (KFIA) survey of 200 fixed-income experts, 100 percent predicted the rate freeze.
The prediction was based on the launch of the new government. President Moon Jae-in took office after winning a landslide victory in the May 9 presidential by-election.
Any new government tended to refrain from raising its policy rate in an early phase as higher interest rate could lead to hurt growth momentum of the economy.
Exports Jordan 11 Retro Win Like 96 Womens , which account for about half of the South Korean economy, posted a double-digit expansion in recent months, but private consumption remained lackluster amid massive household debts.
The government-led corporate restructuring in the troubled shipbuilding and shipping industries was underway Jordan 11 Retro Win Like 96 Retail , weighing down on the economic recovery.
Pressures, however, were growing on the BOK to hike its policy rate on expectations for the U.S. Federal Reserve to raise its benchmark rate as early as June.
The Fed lifted its policy rate to a range of 0.75-1.00 percent Jordan 11 Retro Win Like 96 Mens , coming closer to the BOK's benchmark rate of 1.25 percent.
If the BOK misses the timing of a rate increase, foreign capital can abruptly flow out of the South Korean financial market.
The prolonged low-rate policy continued to expand the already massive household debts. The BOK cut the policy rate from 3.25 percent in July 2012 to the current level in June 2016.
The massive household debts discouraged consumers from spending money. The Fed's rate increase resulted in higher market rates here, raising the debt-serving burden for households.
Xi calls for "strong Jordan 11 Win Like 96 Size 12 , modern" navy
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By Sportswriter Ma Xiangfei
BEIJING, Dec. 18 (Xinhua) -- Disgraced cyclist Lance Armstrong eventually confessed to his long time use of banned drugs while more high-profile doping scandals hit the headlines from time to time.
Armstrong Jordan 11 Win Like 96 Womens , stripped of seven Tour de France titles and banned for life last year, had denied any wrong-doping until January this year when he confessed to use of EPO, human growth hormone and steroids in the Oprah talk show.
The 42-year-old was the most famous but not the only cyclist to break ""the code of silence"".
Denmark's Michael Rasmussen Jordan 11 Win Like 96 Retail , Dutch Michael Boogerd, Australia's six-time Olympian Stuart O'Grady and 1997 Tour de France winner Jan Ullrich of Germany all owned up to their guilt.
Cycling wasn't the only sport wracked by doping.
Tyson Gay, men's 100m second-fastest sprinter in history Jordan 11 Win Like 96 Mens , and former 100m world record ho.